European Stars and Stripes (Newspaper) - January 23, 1994, Darmstadt, Hesse Page 20 the stars and stripes Money matters sunday january 23,1994 shown below Are the highest Dollar Exchange rates for the week of Jan. 17-21 compared with Dollar rates for the same period one year and five years ago. German Mark one Dollar would buy you 71 1.58 1994 1 1993 military Exchange rate British Pound one Pound would Cost you l53 1.58 1994 1989 belgian franc one Dollar would buy you 36.54 39.4033.55 1994 dutch Guilder one Dollar would buy you 1.96 1994 French franc one Dollar would buy you 595 6.385 95 5.49 1993 greek drachma one Dollar would buy you 242.87 211.71 154.30 1994 italian lira one Dollar would buy you 1,703 1,369 1994 Spanish peseta one Dollar would buy you 143.17 115.31 116.75 1994 i turkish lira one Dollar would buy you 14,944 b 8,712 1994 1993 Paramount ends ivc Deal endorses Viacom buyout bid by the new York times the Board of Paramount communications inc. On Friday terminated its merger agreement with ivc network inc. To endorse the latest bid from its rival Viacom inc. Viacom s chairman Sumner m. Redstone increased his bid tuesday by adding More Cash and agreeing to give shareholders some Protection against any declines in Viacom s Stock within a cer Tain Range after the merger. Viacom is now offering $107 a share in Cash for 50.1 percent of the company and Stock for the balance. That compares with a pcs bid of $92 a share in Cash for the same percentage and Stock. In response to the news of the Board s decision ivc network s chairman Barry Diller said the screw turns once again. We will evaluate events and re Spond but even Paramount s Board does not seem to think the bidding War is Over. It carefully left the door open to ivc. In a statement Paramount s chairman mar tin s. Davis said the Board is prepared to revisit today s recommendation if fur ther bids Are the Board has asked each Side to make its Best bid by . One sign of How desperate the Battle has become was the tone of the letters each Side sent to the Board defending its own bid while attacking the rival offer. Ivc s Bankers Allen & co., argued that Viacom s main businesses mtg and Showtime Cable channels were under significant pressure and that Viacom s attempt to protect the value of its Stock was ineffective and Viacom s Bankers Smith Barney Shearson countered that it is disingenuous for Allen & co. To disparage Viacom s businesses and characterized its analysis of future trading in Viacom Stock As absurd on its Allen & co. Late Friday took Issue with Viacom s evaluating ivc Stock at $37.50 a share when ivc s Stock is trading at $44 a share. A person close to Smith Barney con tended that it used the figure because that is the level at which it estimates ivc would Trade if it won the Battle the Stock of a winning company in a merger Battle generally declines. Currently ivc is seen As the loser. An executive close to Paramount s Board said Friday that the letters take very extreme views of the value of the bids and added we Don t accept either interpretation. The truth lies in the Middle somewhere. It was a very close ". The executive said the opinion by Par amount s investment banker Lazard Freres & co., made Clear that Viacom said was marginally the executive added by intimating that it would improve its offer ivc net work has itself made Clear that it recognizes Viacom has a stronger Wall Street heat wave gun tines As stocks Advance to record High new York up old Man win Ter descended on the East coast last week but Wall Street managed to slip off its icy grip. Although ice and Snow blanketed the City and Bone chilling winds sent new yorkers shivering Wall Street maintained its brisk and record setting activity. a it s freezing out there but the Market looks warm said Hildegard Zagorski vice president for National sales at Prudential securities inc. The Dow Industrial average not Only set four record highs during the week it also reached a second Century Mark in two weeks. The Blue Chip indicator broke the 3900 Mark for the first time Friday 15 Days after Topping 3800 Jan. 6. Last year it took the Dow nearly three months to jump from 3600 to 3700. Since the Start of the year the Dow piled up a gain of 160.39 Points or 4.3 percent and set record highs nine times. The Dow s performance was dizzy ing said Alan Ackerman executive vice president at Reich & co. Old Man Winter had its icy grip on the City but stocks showed a global warming he added. For the week the Dow Jones Industrial average. Which climbed 46.43 Points or 1.2 percent the previous week jumped 47.28 Points or 1.2 percent to an All time new York Exchange new York up the 15 most Active stocks in Newyork Stock Exchange composite trading on Friday. Stock sties last Marriott 5,553,400 12 unch computer Assoc 4,981,900 38 off 3telefonos de my 4,143.700 69vi putt Intig Metech 4,127,500 2m off Rwjr Nabisco hid 3,696.500 7% putt Merck coins 3,415,000 35v4 Loftt ism corp 3.176,600 55v4 unch Wal Mart stores 3,160,600 25v off i general motors 2,746,600 60tt Utah at to company 2,739.100 56 off great West Fol 2.727,000 18h off to chemical Bank 2,698,200. 37tt off Glaxo holdings 2,584,500 19y up coca cola co 2,343,600 41v4 off a time Warner inc 2,341,000 40 /4 up it High 3914.48. The new York Stock Exchange composite Index inched up 0.22 Points to end the week at 263.12, while the Standard & poor s 500 Index eased 0.19 Point to 474.72. But the Nash a composite Index also closed the week at a record High rising 1.97 Points to 794.28. Advances outnumbered declines 1,405 1,031 among the 2,818 issues traded on theyse. Weekly big Board volume totalled 1,509,415,539 shares off from 1,516, 930,440 traded a week earlier but up from 1,311,426,698 in the same week year ago. On the american Stock Exchange the american Exchange new York up the 10 most Active stocks i american Stock Exchange composite trading Friday. Stock sales last Bay mines 1,400,600 13 w Offutt Cheyenne softer 1,278,300 32 off i. Royal Oak mines 1,087,500 4% up a circa pharm inc 724,200 14 up1vamdahl corp. 694,000 6tt up for East group prop 435,900 19% off Viberta Well Sivc 368,200 13tt up1tt inter gel comm 334,400 5v4 off View York times 318,700 28v4 off/4 Heli Onetis inc 317,300 5tt off i Dow Jones new York up Dow Jones closing Range of averages on Friday High Low close Ching 30 industrials 3933.33 3875.36 3914.20 up 22.24 20 transport 1826.87 1800.49 1814.43 up 0.43 15 utilities 221.72 217.97 219.75 off 0.66 65 stocks 1426.44 1405.15 1417,84 up 3.92 amex Market value Index climbed 3.86 Points to 484.74. Advances edged de Clines 428-398 among the 993 Issue traded for the week. Amex volume totalled 92,552,695, com pared with 91,625,760 shares a week ear Lier and with 84,455,565 in the same Weeka year ago. Echo Bay mines topped the amex actives falling 7/a to 13. Intel led the Nash a actives rising p/sto65vs. Boeing to Cut fewer jobs than expected is Seattle a being co plans to Cut fewer jobs than originally planned this year and will add 1,000 jobs at its Wichita kan., Plant As the company gets ready to make a new version of the 737 Airliner Boeing said Friday. The air plane maker still plans to Cut 8,000 jobs this year but that s thousands fewer than initially forecast. Most of the Job cuts will be in Washington state where the company has its aircraft Assembly plants. The additional jobs in Wichita will be needed As the Plant gears up production for the new 737-700 program. Wichita produces major components of Boeing jets including cockpit sections of 737s. Frank Shrontz chairman and chief executive said some hiring will be needed to provide the skills necessary for new demands even As the company is simultaneously reducing jobs in other areas. We will hire Only if we cannot fill jobs from inside the company recall Laid off employees or retrain existing employees to meet our needs he said. Shrontz said he expects most of the reductions will be in the first half of the year with employment leveling off the second half. As of Jan. 1, Boeing employed 116,155, including 87,160 in Washington state 15,736 in Wichita and 13,259 in other locations. Just five years ago Boeing had More than 145,000 employees. Heavy losses by the world s airlines have resulted in fewer aircraft orders for Boeing which has had to reduce production As a consequence. Boeing Cut just More than 17,000 jobs company wide last year though 838 peo ple were recalled or hired because of specially needed skills. In he new forecast indicates Boeing s1993-94 Job cuts will total about 24,000. That s about 4,000 fewer than the Seattle based company estimated last february when it announced a 35 percent cutback in jetliner production
